The growing number of Asian migrants to Australia will lead to broad changes in consumer trends, according to a leading social demographer.
KPMG partner Bernard Salt told delegates at the MFAA Convention in Brisbane on Friday that growing Asian influences in Australian culture could mean changes for the consumer market. Salt said the mortgage and housing industries have the opportunity to adapt to the changing makeup of the consumer market.
According to Salt, the growing number of migrants from Asia will quickly reach "middle class prosperity", and will this be a powerful market force. Salt said this growing prosperity brings with it broad changes in consumer demand.
Salt used the example of Mediterranean influences in Australia over the last 50 years leading to broad changes in consumer behaviour, such as the popularity of Mediterranean cuisine, cafes and al fresco dining. Salt claimed Asian influences would eventually have the same effect on the consumer market.
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